Here are the key factors to keep in mind today for Euro trades:
- Eurozone Money Supply M3: Eurozone Money Supply M3 for January is predicted to increase by 4.0% annualized. Forex traders can compare this to Eurozone Money Supply M3 for December which increased by 4.1% annualized.
- Eurozone Confidence Data: Eurozone Economic Confidence for February is predicted at 106.0. Forex traders can compare this to Eurozone Economic Confidence for January which was reported at 106.2. Eurozone Industrial Confidence for February is predicted at 0.1. Forex traders can compare this to Eurozone Industrial Confidence for January which was reported at 0.5. Eurozone Services Confidence for February is predicted at 11.0. Forex traders can compare this to Eurozone Services Confidence for January which was reported at 11.0. Final Eurozone Consumer Confidence for February is predicted at -7.4. Forex traders can compare this to the previous Eurozone Consumer Confidence for February which was reported at -7.4. The Eurozone Business Climate Indicator for February is predicted at 0.67. Forex traders can compare this to Eurozone Business Climate Indicator for January which was reported at 0.69.
Here is the key factor to keep in mind today for New Zealand Dollar trades:
- New Zealand Trade Balance: The New Zealand Trade Balance for January was reported at -NZ$914M monthly and at -NZ$6,358M 12-month year-to-date. Economists predicted a figure of -NZ$300M and of -NZ$5,496M. Forex traders can compare this to the New Zealand Trade Balance for December which was reported at NZ$264M monthly and at -NZ$5,858M 12-month year-to-date. Exports for January were reported at NZ$4.40B and Imports were reported at NZ$5.32B. Economists predicted a figure of NZ$4.80B and of NZ$5.00B. Forex traders can compare this to Exports for December which were reported at NZ$5.48B and to Imports which were reported at NZ$5.22B.
Should price action for the EURNZD remain inside the or breakout above the 1.6480 to 1.6545 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.6500
- Take Profit Zone: 1.6795– 1.6845
- Stop Loss Level: 1.6410
Should price action for the EURNZD breakdown below 1.6480 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.6465
- Take Profit Zone: 1.6280 – 1.6325
- Stop Loss Level: 1.6500
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
